HomeMy WebLinkAbout1984-004 Council ResolutionRESOLUTION # 84 -4
RESOLUTION ESTABLISHING A POLICY FOR MUNICIPAL COSTS RELATING
TO BONDED LOCAL IMPROVEMENTS FOR PRIVATE DEVELOPERS.
WHEREAS, in response to DeLaHunt Voto & Co., Ltd's Management
Report and Recommendations stating the need for a
policy to recoup municipal costs on improvement
projects, it is recommended that the City of Lino
Lakes should adopt such a policy as it relates to
municipal costs for public improvement projects
requested by developers for bonding, and
WHEREAS, these municipal costs would include the following:
1. Negotiating financing
2. Preparation of official statements
3. Management and annual review of assessment
records, and
WHEREAS, the City would apply a percentage against the total
project cost and the total amount of reimburseable
funds for each project will be distributed annually
based on the length of the bond debt,
NOW THEREFORE, BE IT RESOLVED, that:
The Lino Lakes City Council hereby adopts the following step
down approach recommended for use on improvement projects:
Project Cost
$1.00 - 10,000.00
over 10,000.00 - 50,000.00
over 50,000.00 - 100,000.00
over 100,000.00
% applied by City
5%
4%
3%
2%
Passed by the Lino Lakes City Council this Is day
of ,,L.PA , 1984.
ATTEST:
24) (I(Aa-Aitz}3
Edna L. Sarner, Clerk